VES 1Q Sales Improve, But Loss Widens

05.16.2011 ZF English

Romanian stoves and pots maker VES Sighisoara (VESY.RO) Monday said its sales rose 44% on the year in the first quarter, but the company's net loss widened in the analyzed period.

VES reported sales of 8.3 million lei (EUR2 million) in January to March, compared to RON5.8 million in the same period a year ago.

The company's loss was at RON422,000 (about EUR100,000), from RON18,000 in the first three months of 2010, according to VES's financial report.

Revenue was flat on the year at RON9.5 million, while expenditure rose 4% to RON9.9 million.

According to the latest reports, Chimsport Orastie, a firm owned by VES president Alexandru Farcas, owns 28.43% in the Sighisoara-based company.

On the Bucharest stock exchange Monday, VES shares rose 15%, the maximum permitted by the market's rules, following deals with more than 15% of the company's stocks. (EUR1=RON4.1054)